Earning more than Rs 15,000 in first job? EPS is not for you

August 26, 2014

New Delhi, Aug 26: Employees with a monthly salary of over Rs 15,000 in their first jobs would no longer be able to contribute to the Employees' Pension Scheme (EPS) run by the provident fund department.

EarningThe move is triggered by fears that the hike in the salary ceiling for statutory PF contributions to Rs 15,000 per month from Rs 6,500 per month, would have a major adverse impact on the Pension scheme's financial viability.

According to the pension scheme's latest valuation to be shared with the PF board on Tuesday, its unfunded liability or deficit has shrunk by around Rs 51,000 crore from around Rs 62,000 crore in 2009 to around Rs 10,900 crore in 2012. The scheme's entry norms are being tweaked to ensure that high-income workers do not abuse the benefits of a deficit-ridden scheme that enjoys a subsidy from the central government.

The finance ministry has called for a fresh valuation to assess the impact of the hike in the salary ceiling on PF contributions and calibrating the scheme's benefits on the basis of a fresh valuation. The last time the salary ceiling was hiked, in 2001, from Rs 5,000 per month to the present Rs 6,500 cap, the pension scheme's liabilities had jumped by Rs 10,000 crore.

Over 8.5 crore formal sector employees have a Provident Fund account, where 24% of their salaries is diverted to guarantee a lumpsum retirement nest-egg and a monthly pension through the EPS. A little over a third of this contribution (8.33% of salary) is parked in the EPS that was launched in 1995 and is the only pension scheme in the world that defines both contributions and benefits.

The government currently brings in around Rs 1,200 crore a year into the nearly Rs 2 lakh crore pension scheme, contributing 1.16% of every scheme member's salary up to the salary ceiling.

Less than 21% of the scheme's beneficiaries get a monthly pension of Rs 1,000 or more, with over a third getting less than Rs 500.

The government has okayed a minimum pension under the scheme o fRs 1,000 along with the hike in the salary ceiling for statutory PF contributions, but the finance ministry has set some stiff riders and conditions before concurring.

The major changes being simultaneously introduced are designed to keep out high income workers from availing the pension scheme that currently offers a pension linked to the salary paid in their last 12 months in service.

Most importantly, the membership of EPS is being restricted to persons whose salary at the time of joining service was less than Rs 15,000, the PF department has informed its board members. If someone's salary moves beyond Rs 15,000 a month during the course of their career, EPS contributions would still be restricted to 8.33% of Rs 15,000.

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Media Release
January 14,2020

Mangaluru, Jan 14: The Star Education Institute organized Talents day celebration on 14th January 2020.

This program was presided by Janab Muhammed Saleem Malar, the Director of Star Education Institute, who gave the message about the encouragement of students talent.

The Chief guest of today’s program was Sunil Kumar Bajal , Ex- President old students union Mangaluru, who gave a message about Young generation and their role in the development of the nation.

Mrs. Prabha Naveen, Principal of Star Education Institute who gave the report of the activities of the Institute.

Mohammed Fatheen SPL and Zohara Farahath Secretary were also present on the dias.

Miss. Raksha P. J Science faculty welcomed the gathering. Miss Dipthi D’silva, Commerce faculty and Miss. Thanushree Computer faculty call out the prize list. Mrs. Deepa Lokanath, Commerce faculty proposed a vote of thanks. This programme was anchored by Mrs. Mohini. S. Thereafter the cultural programme was presented by the students.

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Media Release
February 13,2020

St. Agnes College (Autonomous), Mangaluru, which is celebrating its centenary year, celebrated 99th college day and merit programme of the academic year 2019-20 in P.U College Auditorium on February 11.

Ms. Philomina Lobo, Retired Director, Secondary Education department of public instructions, Government of India was the chief guest of the programme. The programme began by evoking the blessings of God. Sr Dr M Jeswina A.C, Principal, St Agnes College, Sr Dr M Maria Roopa A.C, the Joint Secretary, Mr. Ronald Pereira PTA Vice President, Mr Charles Pais the Controller of Examinations ,Dr Subha Rao were  present.

Ms. Seemanthini, Assistant Professor, Department of Computer Applications presented the annual college report digitally, highlighting the achievements of the institution, staff and students for the academic year.

Addressing the students, Ms Philomina Lobo advised, “You have knowledge and intelligence but you need to pray for wisdom. Use your talents in the right way.” She also mentioned that the companies today are looking forward for skilful youngsters and asked the students to “be skilful” in order to achieve success in life.

Students received Principal's role of honour, various scholarships and merit certificates for their excellence in academics. The cabinet members of the current academic year were also awarded on the occasion. The Principal gave a token of gratitude to Ms Philomena Lobo, who is also an alumna of the college. Mrs Meera, HOD, Department of History proposed the vote of thanks.

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Media Release
March 3,2020

Mumbai, March 3: Mumbai-based Ed tech startup Caymus Tech Ventures has announced inclusion of courses and programs from Harvard Business School, Chicago Booth, Harvard Kennedy School, Harappa Education, The Wharton School, and Stanford Online.

Lore.online users can now discover, compare, and enroll in both online and offline courses and programs including the following:

●  HBS online programs such as Business Analytics, Management Essentials, and Disruptive Strategy.

●  Select courses from the Harappa Habits framework such as Writing Proficiently, Managing Teamwork, and Negotiating Wisely.

●  The Wharton School and Chicago Booth offline executive education offerings, delivered in an face-to-face format, and that touch on topics such as Global Strategic Leadership, Private Equity and Digital Marketing for Executives.

Emerging leaders can tap these offerings to build skills to complement their formal education and experienced professionals can leverage them to hone new age skills required to manage a younger, more globally aware workforce.

Kavita Mehta, Founder CEO, Caymus Tech, says, “Giving our learners the best-fit options has always been our driving factor, which is why we are excited to announce that learners can now access Harvard Business School's highly coveted online programs on Lore and avail quality learning options from anywhere in the world.”

“We are continuously adding quality course providers like INSEAD and Stanford, whose select courses are also live on the platform”, she adds.

Lore.online has also integrated an assessment system in their Learning Pathways, where after undertaking each course, a report is generated which outlines learners technical and non-technical strengths and weaknesses. The platform now also shows open jobs for which a learner can also apply.

Caymus’ enterprise platform LoreForTeams, which was rolled out in Nov 2019, has been updated with additional features.

The new look now comes with a dashboard, new UI for Lore-curated learning lists, discussion features and a personalised learning feed. LoreForTeams, a learning experience platform (LXP), is aimed at working professionals in mid size companies. By adding the LoreForTeams functionality layer, Caymus aims to offer a revolutionary platform for skilling. This segment is seeing tremendous growth as more working professionals look for learning options to upskill themselves and stay relevant in shifting employment and business environments. The global demand for such platforms is north of $200 billion and in India, demand is nascent yet growing and expected to reach $10 billion by 2025.

Kavita Mehta, Founder CEO, Caymus Tech, says, “We heard what our customers and users were telling us. They want a real time view of what their teams are learning, a two way feedback system, and a more focused curation of learning options. Thus, we decided to add these features in LoreForTeams platform so that learning never stops and working professionals continuously find relevant courses to upskill themselves. Our vision is to democratize learning so that everyone has equal access to the best options out there.”

About Caymus Tech Ventures

Caymus Technology Ventures (Caymus) is a Mumbai-based ed-tech start-up focused on bridging the massive skill gap in the global workforce. The Company was founded in 2018 by Kavita Mehta, who earlier led Asia’s leading education consultancy. Caymus, with its expansive, integrated, and holistic perspective, believes in driving empowerment on the bedrock of education, skills, and technology. The Company‘s robust machine learning (ML) and artificial intelligence (AI) powered platforms help recent graduates and experienced individuals identify targeted opportunities for personal and professional development.

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